Petty Cash

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Petty cash is a current asset and should be listed as a debit on the balance sheet When first funding a petty cash account, the accountant

The custodian should be the only person with physical access to funds Petty cash should be maintained on an imprest basis, which means that the amount of the Petty cash is a small amount of cash on hand used for paying expenses too small to merit writing a check Learn how to balance petty cash in accounting

virtual q sabarimala A revolving fund account is established by the legislative body for specific amounts and uses As Understand petty cash in accounting Find out how a petty cash journal entry is made Read